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Legislation #: 130134 Introduction Date: 2/28/2013
Type: Resolution Effective Date: 3/7/2013
Sponsor: COUNCILMEMBERS CIRCO, TAYLOR AND SHARP
Title: Accepting the terms of the Redevelopment Agreement for the implementation of the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
2/19/2013 Filed by the Clerk's office
2/28/2013 Referred to Planning, Zoning & Economic Development Committee
3/6/2013 Immediate Adoption
3/7/2013 Adopted

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RESOLUTION NO. 130134

Accepting the terms of the Redevelopment Agreement for the implementation of the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan.

WHEREAS, the Three Trails District Tax Increment Financing Plan was approved by the City Council of the City (the “City Council”) with passage of Committee Substitute for Ordinance No. 020119 on February 7, 2002; and

WHEREAS, the Three Trails District Tax Increment Financing Plan was subsequently amended by the City Council with passage of Ordinance No. 020855 on July 25, 2002; and

 WHEREAS, the Three Trails District Tax Increment Financing Plan, as amended, was further amended and restated by the Amended and Restated Three Trails District Tax Increment Financing Plan, which was approved by the City Council with passage of Committee Substitute for Ordinance No. 071297 on December 13, 2007; and

WHEREAS, the Amended and Restated Three Trails District Tax Increment Financing Plan was further amended by the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan, which was approved by the City Council with the passage of Committee Substitute for Ordinance No. 110364, As Amended, on May 19, 2011 (the Amended and Restated Three Trails District Tax Increment Financing Plan as further amended by the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan is referred to herein as the “TIF Plan”); and

WHEREAS, the TIF Plan provides for the development of a three phased mixed-use office/clean technology business park and retail development consisting of approximately 1,228,500 square feet of mixed use retail and commercial uses, 1,550,000 square feet of office and/or clean technology business park and certain related site improvements (collectively referred to as the “Project Improvements”), and for the reimbursement of certain costs, plus interest and financing costs, as defined in the TIF Plan; and

WHEREAS, the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”) and Trails Properties, II, Inc. (the “Redeveloper”), intend to enter into an agreement (the “Redevelopment Agreement”), which provides, inter alia, for the implementation of the Project Improvements and for the reimbursement of certain redevelopment project costs, as identified by the TIF Plan, that have been incurred by the Redeveloper and certified, pursuant to the Redevelopment Agreement, by the Commission (the “Certified Costs”), including Eight Million Dollars ($8,000,000) to be utilized to finance a Neighborhood Improvement and Infrastructure Program as contemplated in the TIF Plan and associated ordinances approving the TIF Plan; and

WHEREAS, the Redevelopment Agreement also provides for a small business assistance plan; and

WHEREAS, Committee Substitute for Ordinance No. 110364, As Amended, conditioned the Commission’s power to enter into the Redevelopment Agreement on the City Council’s acceptance of the terms of such Redevelopment Agreement, and required that such Redevelopment Agreement contain certain provisions; and

WHEREAS, the Redevelopment Agreement addresses the requirements previously imposed by the City Council and the Commission has authorized execution of the Redevelopment Agreement subject to and conditioned upon the City Council’s acceptance of such terms; NOW, THEREFORE,

  BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

That the City Council hereby accepts the terms of the Redevelopment Agreement as the same that have been approved by the Tax Increment Financing Commission of Kansas City, Missouri. A copy of the Redevelopment Agreement as accepted by the City Council is attached hereto.

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